El Molla: Eight Oil & Gas Exploration Agreements to be finalized soon
The Ministry of Petroleum and Mineral Resources is reviewing Egypt’s vast arid land in the Eastern & Western Deserts as well as the Suez Gulf, as it seeks security approvals before initiating new tenders for exploring gas and oil there, in addition to 8 exploration deals due to be sealed soon, according to Minister Tarek El-Molla.
“Egypt seeks to boost projects developing the natural gas fields before it decides to cut off oil imports by late 2018 with liquified natural gas (LNG) imported by Egypt in January to late August amounting to 72 shipments at a cost of USD200mn,” El-Molla told Al-Mal newspaper on the sidelines of Euromoney Conference.
Aiming at meeting self-sufficiency targets, the ministry is expediting carrying out 9 projects for developing and producing gas drilled from the discovered fields at USD30bn investments, notably Zohr, North Alexandria, Atoll, according to El-Molla.
“The petroleum sector, represented by the Egyptian Natural Gas Holding Company (EGAS), and subsidiaries have intensified efforts to provide housing units with natural gas, driving up number to 8.2 million units.”
(Source: Almal News)